Western Acquisition Ventures, a blank check company targeting various industries including infrastructure and health, lowered the proposed deal size for its upcoming IPO on Wednesday.
The New York, NY-based company now plans to raise $100 million by offering 10 million units at a price of $10. The company had previously filed to offer 15 million units at the same price. Each unit now consists of one share of common stock and three-fourths of a warrant, exercisable at $11.50. Each unit previously contained one-half of a warrant. At the revised deal size, Western Acquisition Ventures will raise 33% less in proceeds than previously anticipated.
The company is led by CEO and Director Stephen Christoffersen, the CFO of of KushCo Holdings (OTCQX: KSHB), and CFO and Director William Lischak, the CEO of RightsTrade and Interim CFO of Johnson Management Group. The company plans to target businesses with compelling long-term growth prospects, strong secular tailwinds, and highly fragmented markets ripe for consolidation opportunities. Its target sectors may include infrastructure and environmental services; health, wellness and food sustainability; financial technology and financial services; enterprise software and SaaS; and leisure and hospitality.
Western Acquisition Ventures was founded in 2021 and plans to list on the Nasdaq under the symbol WAVSU. A.G.P. is the sole bookrunner on the deal.
